#5: (10 Grades) XYZ Company discovered the following errors made in June 2018. 1. The payment of an insurance premium of $5,400 for a three-year policy was debited to Prepaid Insurance for $5,400 and credited to Cash for $4,500. 2. A payment of $270 on account was debited to Accounts Payable for $720 and credited to Cash for $720. 3. A purchase of supplies on account for $1,600 was debited to Supplies for $1,600 and debited to Accounts Payable for $1,600. 4. The payment of cash for the purchase of office equipment of $12,900 was debited to Land for $12,900 and credited to Cash for $12,900. 5. The payment of $1,840 on account was debited to Accounts Payable for $184 and credited to Cash for $1,840, Instructions Prepare the correcting entries. Incorrect Entry Correct Entry 2 w + 10 6 10 Correcting Entry